The African Development Bank (AfDB) plans to allocate an additional USD 220 million for infrastructure investment in Angola by the end of this year, said Pietro Toigo, the AfDB Resident Representative for Angola and São Tomé and Príncipe, on Tuesday in Luanda.
Speaking to ANGOP on the sidelines of the 3rd Summit on Infrastructure Financing in Africa, running until Friday, he emphasized that this amount will increase the ongoing project portfolio, currently valued at USD 1.5 billion.
He highlighted that of the funds already allocated, about 45% have been invested in various infrastructure projects currently underway in Angola.
Regarding the continent, Toigo noted that the AfDB invests approximately USD 7 billion per year in African infrastructure.
On the 3rd Summit itself, he stated that holding it in Luanda demonstrates Angola’s ambition to be a regional and continental leader, aiming at economic development and integration.
“Everyone knows the Lobito Corridor as an integration project, but Angola has many more integration projects, such as transmission lines connecting the Democratic Republic of Congo (DRC), Zambia, Namibia, and several logistical corridors,” he said.
He also underscored Angola’s agricultural potential, which is not yet fully realized but could position the country as an exporter.
He emphasized that the Summit reflects Angola’s desire to be an African leader, noting that the Head of State, as AU Chair, convened the meeting to address the continent’s infrastructure gap.
Among the challenges, he pointed out project preparation, noting that “some projects have strong foundations but are not yet ready financially or in terms of environmental and social impact, which hinders rapid investment, especially from international financial institutions.”
He also highlighted the issue of risk perception, explaining that infrastructure investments in Africa have some of the lowest default rates globally, yet the continent is often perceived as high-risk due to low savings rates and limited resources.
On the positive side, he announced that the AfDB is developing project preparation facilities and mobilizing savings.
He stressed that African countries could do much more with African capital, from sovereign wealth and pension funds, to leverage funds currently invested predominantly in public debt toward productive projects that generate higher impact returns.
The 3rd Summit on Infrastructure Financing in Africa, held from October 28–31 in Luanda, is under the patronage of the President of Angola and the African Union, with support from AUDA-NEPAD and the African Union Commission, aiming to mobilize up to USD 160 billion for key infrastructure projects across the continent.
This Summit positions Angola at the center of major African infrastructure investments, reinforces the continent’s commitment to the African Union’s Agenda 2063, and acts as a facilitator for streamlined communication among stakeholders.
Source: Angop
